Investigators found he wasn't entitled to the £100k in the first instance
The 37-year-old was the sole director of CKO Civil Engineering and Surveying Limited, which was incorporated in October 2019 and ran as a surveyor’s firm based in Kirkintilloch.
Companies could apply for loans of up to 25% of their 2019 turnover, allowing them to borrow a maximum of £50,000, as long as the money was to be used for the economic benefit of the business. But CKO applied for a second loan of £50,000 just four weeks later, and this time, McGarvey applied to a different bank and stated that the business had a previous year’s turnover of £218,000.
It was discovered that McGarvey had applied for two loans – which was against the rules of the scheme – and had exaggerated CKO’s turnover both times.They also discovered that McGarvey had used the full £100,000 for his own gain, rather than to support his business.Steven McGinty, investigation manager, said: “Not only did John McGarvey grossly exaggerate the company’s turnover to secure an initial loan, he also applied to a second bank for another loan his company wasn’t entitled to.
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